Friday, February 20, 2009

Dodd the Dodo

When I first heard that Sen. Chris Dodd was talking about nationalizing banks, I thought it was hyperbole. How could anyone even talk about socializing the banking system? Well, I've now learned that I should never be surprised by the complete lunacy of some Democratic lawmakers (I'd call him an idiot, but that would be insulting to us idiots). Keep in mind that this guy is the chair of the Senate Banking Committee, for crying out loud.

So here are the details. In sum, Dodd would "temporarily" take over banks like Citi and Bank of America. Brilliant, Chrissy. Feed the panic even more. with irresponsible statements that send bank stocks into a tailspin on concerns of a government take over. See story here. Thank goodness that BofA, Obama and even Barney Frank were quick to denounce such an idea.

My comments on the folly of nationalization, even a "temporary" nationalization, are over on Too Conservative, but, in a nutshell, it would put legitimate, stable privately-owned banks at a severe disadvantage with government-funded banks that neither seek to make a profit nor care about losses.

Dodd's is perhaps the most idiotic, selfish statement I have ever heard an elected representative make - and that includes Eugene Delgaudio (which is saying something).

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